Voya’s Sinha Says HSAs Can Help Retirees Prepare For Inflated Healthcare Costs
Go Banking Rates reported rising prices “are not fading away as quickly as the optimists had hoped — inflation, it seems, is here to stay.” While the short-term inflation “that’s causing sticker shock at the grocery store and the used car lot grabs all the headlines,” creeping price increases “that are just now on the horizon might present the bigger danger.” However, Voya Investment Management Head of Multi-Asset Design Amit Sinha said, “I worry more about non-pandemic-related inflation in retirement such as rising healthcare costs rather than short-term pandemic-related inflation.” Sinha added, “Typically, areas of the economy that face less competition tend to have greater sustained inflation. For retirees, this is likely to be healthcare. The only way to prepare in my opinion would be to make sure you have sufficient savings for sustained increases in these types of expenses. Using health saving accounts (HSAs) may be a way to achieve this.”